JAKARTA, INDONESIA, May 18, 2017 - (ACN Newswire) - Wintermar Offshore Marine (WINS) Shareholders have approved the proposal to issue 400 million new shares without pre-emptive rights. In compliance with OJK regulations, the minimum price for the placement will be IDR258.48 and the approval is valid for a period of two years from 18 May 2017 to 18 May 2019.

The placement of shares will provide the WINS Group with access to funding during the next two years. Cash raised from the fund raising will be used to reduce debt, provide working capital and funding for business development. With the increase in equity, the capital structure of the company will also be strengthened.

The shares will be placed to affiliated parties who have committed to a twelve month 'lock up' period, as prescribed by OJK Regulations, within which time the shares cannot be sold.

The Shareholders also approved the appointment of the following new Directors to the Board:

1) Mr Adhi Pradnyana Gaduh -Mr Gaduh has a wealth of experience in Strategy with the Gajah Tunggal Group and previously from Boston Consulting Group. He holds a Bachelors degree in Electrical engineering from University of California, Berkeley and a Masters of Business Administration from Stanford University.

2) Mr Donny Indrasworo -Mr Indrasworo has been with the Group as the Head of Commercial and Business Development for the Wintermar Group. He holds a Bachelors degree with double majors in Economics and Business Administration from Hogeschool Inholland, University of Applied Sciences in Amsterdam.

3) Mr Darmawan Layanto -Mr Layanto has been instrumental in the growth of Wintermar's fleet for the past 17 years in the Shipbuilding and Technical Division. He will relinquish his role as Commissioner and become a Director where he will have a more active day to day role. He holds a Bachelors degree in Management from Golden Gate University.

The Shareholders have also accepted the retirement and resignation of the below Directors:

1) Mr Endo Rasdja who has served as Independent Director since 2010 has retired, and 2) Mr Marc Thomson resigned from the Company in March 2017 to pursue his personal business interests.

Mr John Stuart Anderson Slack, who has served as Director since 2013, will step down from the Board of Directors and be appointed as a Commissioner of the Company with immediate effect. He will continue to be actively involved with the Company in his new role. Mr Slack is a Chartered Accountant with many years of experience in various listed companies in Indonesia and graduated from the University of Manchester, Institute of Science and Technology.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over 40 years with a track record of quality is both a source of pride and a responsibility that we are dedicated to upholding, sails a fleet of more than 70 Offshore Support Vessels ready for long term as well as spot charters, all operated by experienced Indonesian crew and tracked by satellite systems and monitored in real time by shore based Vessel Teams.

In 2011, Wintermar became the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, comprising ISO 9001:2008 (Quality), ISO14001:2004 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.